Selected stock price target news of the day - April 24th, 2024

By: Matthew Otto

Tesla’s Earnings Sparks Investor Enthusiasm Despite Missed Expectations

Tesla’s recent earnings report has ignited a flurry of reactions on Wall Street, showcasing a mix of relief and cautious optimism among investors. Despite falling short of Wall Street’s EPS expectations by about 5 cents, with earnings per share of 45 cents compared to 85 cents a year ago. Tesla’s announcement of accelerating the development of a lower-priced electric vehicle has injected fresh enthusiasm into the market.

Canaccord analyst George Gianarikas, while trimming his target price on Tesla stock to $222 from $234, maintains a Buy rating. Gianarikas emphasized that despite weaker-than-expected demand and margins, management still anticipates unit growth in 2024. Similarly, Wedbush’s Dan Ives, lowering his price target to $275 from $300, commends CEO Elon Musk’s strategic clarity during the earnings call, stating that Elon Musk finally stepped up as the adult in the room and laid the foundation for Tesla’s growth strategy.

Tesla’s earnings report also announced the acceleration of the development of a lower-priced electric vehicle, potentially available by the beginning of 2025. This revelation injected fresh enthusiasm into the market, with analysts recalibrating their projections amidst the backdrop of Tesla’s growth plans. Analysts like RBC’s Tom Narayan highlight the transformative potential of Tesla’s advancements in self-driving technology, predicting significant implications for subscription sales and the eventual rollout of fully autonomous vehicles.

Analyst Reactions and Forecast Adjustments

Roth MKM analyst Craig Irwin maintained a Neutral rating and a $85 price target.
Canaccord Genuity analyst George Gianarikas reiterated a Buy rating yet lowered the price target from $234 to $222.
Wedbush analyst Daniel Ives retained an Outperform rating however revised the price target down to $275 from $300.
Truist Securities analyst William Stein kept a Hold rating and decreased the price target from $176 to $162.
Oppenheimer analyst Colin Rusch maintained a rating at Perform.
Mizuho analyst Vijay Rakesh maintained a Neutral rating and lowered the price target from $195 to $180.
BofA Securities analyst John Murphy upgraded from Neutral to Buy and maintained a $220 price target.
Needham analyst Chris Pierce reiterated a Hold rating on Tesla.
Guggenheim analyst Ronald Jewsikow reiterated a Sell rating and a $122 price target.

Which Analyst has the best track record to show on TSLA?

Analyst Patrick Hummel (UBS) currently has the highest performing score on TSLA with 8/13 (61.54%) price target fulfillment ratio. His price targets carry an average of $-4.48 (-2.64%) potential downside. Tesla stock price reaches these price targets on average within 23 days.

Texas Instruments Surges After Beating Revenue Expectations Despite Chip Sector Challenges

Texas Instruments released its latest earnings report with a 16% decline in revenue to $3.66 billion compared to the same quarter last year, managing to slightly surpass Wall Street estimates. Reported earnings of $1.20 per share, down 35% from the previous year but higher than both the Street consensus and the company’s guidance. The reported earnings included a 10 cents per share benefit not initially included in the guidance, moderating the overall outlook.

Looking ahead to the June quarter, Texas Instruments has forecasted revenue in the range of $3.65 billion to $3.95 billion, with earnings expected to range between $1.05 and $1.25 per share. This guidance aligns with analysts’ expectations, which anticipate revenue of $3.7 billion and earnings of $1.15 per share.

Analysts Mixed Recommendations and Price Targets

Benchmark analyst Cody Acree reiterated a Buy rating and a $210 price target.
Cantor Fitzgerald analyst C J Muse maintained a Neutral rating and a $180 price target.
Goldman Sachs analyst Toshiya Hari maintained a Sell rating and raised the price target from $137 to $157.
Susquehanna analyst Christopher Rolland reiterated a Positive rating and increased the price target from $200 to $205.
Stifel analyst Tore Svanberg kept a Hold rating yet increased the price target from $160 to $172.
Truist Securities analyst William Stein kept a Hold rating yet upgraded the price target from $165 to $167.
Mizuho analyst Vijay Rakesh maintained a Neutral rating and increased the price target from $164 to $170.
Oppenheimer analyst Rick Schafer reiterated a Perform rating on Texas Instruments.

Which Analyst has the best track record to show on TXN?

Analyst Blayne Curtis (BARCLAYS) currently has the highest performing score on TXN with 12/13 (92.31%) price target fulfillment ratio. His price targets carry an average of $-18.74 (-11.11%) potential downside. Texas Instruments stock price reaches these price targets on average within 56 days.

Enphase Energy’s Q1 2024 Earnings Call Highlights Resilience Amid Market Challenges

Enphase Energy’s first quarter financial results for 2024, revealed during a conference call, showcased resilience amid market challenges. Enphase reported revenue totaling $263.3 million, reflecting the shipment of approximately 1.4 million microinverters and 75.5 megawatt hours of batteries. Notably, free cash flow stood at $41.8 million, with a gross margin of 46%, operating expenses at 31%, and an operating income of 15% of revenue on a non-GAAP basis. Additionally, Enphase reduced channel inventory by approximately $113 million in Q1, aiming to align with demand.

Analyst Update: Price Targets Adjusted Amid Market Dynamics

Wells Fargo analyst Praneeth Satish maintained an Overweight rating and lowered the price target from $141 to $130.
Jefferies analyst Dushyant Ailani downgraded from Buy to Hold and the price target from $135 to $111.
Piper Sandler analyst Kashy Harrison reiterated a Neutral rating and lowered the price target from $113 to $111.
Roth MKM analyst Philip Shen maintained a Buy rating and a $140 price target.
Canaccord Genuity analyst Austin Moeller maintained a Buy rating yet lowered the price target from $132 to $130.
B. Riley Securities analyst Christopher Souther kept a Buy rating and decreased the price target from $149 to $133.
Oppenheimer analyst Colin Rusch maintained an Outperform rating and raised the price target from $133 to $134.
Mizuho analyst Maheep Mandloi reiterated a Buy rating yet decreased the price target from $148 to $147.
Guggenheim analyst Joseph Osha downgraded from Neutral to Sell and set a $92 price target.
Truist Securities analyst Jordan Levy maintained a Buy rating and decreased the price target from $145 to $130.

Which Analyst has the best track record to show on ENPH?

Analyst Philip Shen (ROTH) currently has the highest performing score on ENPH with 25/27 (92.59%) price target fulfillment ratio. His price targets carry an average of $30.83 (28.24%) potential upside. Enphase Energy stock price reaches these price targets on average within 136 days.